Sam Zell, billionaire real estate investor, dies
May 18, 2023 GMTSam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as "the grave dancer" for his ability to revive moribund properties died on Thursday. He was 81.
Zell died at home due to complications from a recent illness, according to Equity Group Investments, a company he founded in 1968.
Millennial Money: Is being a landlord worth it?
March 21, 2023 GMTReal estate has been a popular investment for a very long time — for those who can afford it. But in recent years, trends such as house flipping, “house hacking” (living in one room of a property while renting out the others) and short-term vacation rentals have made real estate investment much more accessible, especially for millennials seeking a second income stream in an uncertain economy.
Officials: China real estate recovering from debt crackdown
March 3, 2023 GMTBEIJING (AP) — China’s vast real estate industry is recovering from a slump triggered by tighter debt controls, a deputy central bank governor said Friday, after a wave of defaults by developers rattled global financial markets.
Newmark Group: Q4 Earnings Snapshot
February 16, 2023 GMTNEW YORK (AP) — NEW YORK (AP) — Newmark Group Inc. (NMRK) on Thursday reported fourth-quarter profit of $9.4 million.
On a per-share basis, the New York-based company said it had profit of 5 cents.
Ares Commercial Real Estate: Q4 Earnings Snapshot
February 15, 2023 GMTNEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported fourth-quarter profit of $2.9 million.
The New York-based company said it had profit of 5 cents per share.
Dubai boom sees Russian cash, high rents and reborn projects
February 13, 2023 GMTDUBAI, United Arab Emirates (AP) — Fourteen years after a financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects are finally showing signs of life as part of a new economic boom in the city-state.
China’s economic growth falls to 3%, gradually reviving
January 17, 2023 GMTBEIJING (AP) — China’s economic growth fell to its second-lowest level in at least four decades last year under pressure from anti-virus controls and a real estate slump, but activity is reviving after restrictions that kept millions of people at home and sparked protests were lifted.
FTX founder charged in scheme to defraud crypto investors
December 14, 2022 GMTNEW YORK (AP) — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company's multibillion-dollar collapse.
Redfin to cut another 13% of workforce, shutter RedfinNow
November 9, 2022 GMTWASHINGTON (AP) — Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve's fight against inflation.
California Realtors apologize for role in racist housing
October 21, 2022 GMTSACRAMENTO, Calif. (AP) — The California Association of Realtors is apologizing for its role in pushing policies that drove racial segregation in the state, decades after the group put its money behind a proposition that overturned the state’s first fair housing law.
Realtors apologizing for past discrimination, urging change
October 14, 2022 GMTST. LOUIS (AP) — When Abdul-Kaba Abdullah decided to sell his home two years ago, he listed the neatly-kept, four-bedroom house at $175,000 based on presale evaluations.
But once a buyer made an offer, an appraiser valued the home at only $150,000, and the bank wouldn’t give a loan for the original asking price.
Homeowners see slower equity gains as housing market cools
September 29, 2022 GMTLOS ANGELES (AP) — Homeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools.
Average homeowner equity per borrower reached $298,380 in the second quarter, according to data from CoreLogic.
As housing market cools, homebuyers regain leverage
September 8, 2022 GMTLOS ANGELES (AP) — Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be homebuyers, but new data shows that they're regaining some leverage at the negotiating table as the housing market slows.
Long-term mortgage rates now at highest point since 2008
September 8, 2022 GMTWASHINGTON (AP) — Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.89% from 5.66% last week.
Liz Weston: 3 reasons not to tap your home equity right now
August 22, 2022 GMTSoaring real estate values mean many homeowners are awash in equity — the difference between what they owe and what their homes are worth. The average-priced home is up 42% since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to Black Knight Inc., a mortgage and real estate data analysis company.
This Week: New home sales, Gap earns, consumer spending
August 22, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BELLWETHER
The Commerce Department releases its July tally of new U.S. home sales Tuesday.
China cuts interest rate to shore up sagging economy
August 15, 2022 GMTBEIJING (AP) — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power.
New Zealand house prices finally fall from dizzying heights
August 11, 2022 GMTWELLINGTON, New Zealand (AP) — New Zealand house prices fell year-on-year for the first time in more than a decade, a report showed Thursday, as rising interest rates finally halted a dizzying boom that had only gained momentum after the coronavirus pandemic first hit.
Liz Weston: 3 ways to fight inflation and win the long game
August 8, 2022 GMTInflation is scary. Groceries, gas, airfare, car purchases, utilities : In so many areas, your buying power is shrinking as prices continue to rise.
Liz Weston: How to budget realistically for home repairs
July 25, 2022 GMTIf you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break.
Budgeting for these inevitable bills isn’t always easy.
GOP Sen Collins puts her Bangor home up for sale
June 21, 2022 GMTBANGOR, Maine (AP) — U.S. Sen. Susan Collins and her husband are putting their Bangor home that has been the site of recent protests on the market.
Collins and Thomas Daffron bought the 4,250-square-foot house on West Broadway in 2013, a year after they married, and they've made a number of improvements.
Housing market slows retreat from rising seas, bigger storms
June 18, 2022 GMTChuck and Terry Nowiski lived in their country-style farmhouse with a wrap-around porch for 36 years before it flooded. After hurricanes Matthew and Florence, they said “yes” to the state's offer to buy their place and tear it down.
Minneapolis-area house-flipper pleads guilty to fraud
June 16, 2022 GMTMINNEAPOLIS (AP) — A woman who ran a house-flipping business in the Minneapolis area has pleaded guilty to defrauding real estate investors out of more than $3 million.
Suzanne Griffiths, 46, is charged with one count of wire fraud and one count of money laundering.
Re/Max CEO: Home prices can’t keep up double-digit gains
May 23, 2022 GMTLOS ANGELES (AP) — The U.S. housing market is slowing as would-be buyers struggle with rising borrowing costs and a persistent shortage of properties for sale.
Previously occupied home sales fell in February and March as mortgage rates shot up, crimping homebuyers’ purchasing power during the annual spring homebuying season.
Rural home sales in South Dakota heat up
May 11, 2022 GMTSIOUX FALLS, S.D. (AP) — Real estate agents says the hot housing market in South Dakota's larger cities has spilled over to the state's more rural areas.
While the competition is the highest in Sioux Falls and Rapid City where prices have increased about 20% over last year, the rural real estate market is also changing.
China’s economy grows still-weak 4.8% in January-March
April 18, 2022 GMTBEIJING (AP) — China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as industrial cities shut down to fight coronavirus outbreaks, threatening to disrupt global trade and manufacturing.
China tries to calm markets by pledging support for economy
March 16, 2022 GMTBEIJING (AP) — China’s government tried Wednesday to reassure jittery investors by promising support for real estate and technology companies after regulatory crackdowns caused stock prices to plunge.
US housing market fuels bidding wars, driving prices higher
March 10, 2022 GMTLOS ANGELES (AP) — Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rival buyers as heightened competition for few homes on the market fuels bidding wars.
Indiana man pleads guilty in real estate rental fraud case
March 1, 2022 GMTNEWARK, N.J. (AP) — An Indiana man pleaded guilty Tuesday to running a real estate fraud scheme that persuaded investors to buy rental properties, then lied to them about the properties' condition and whether they were even being rented.
Maine real estate prices soared in 2021, sales ticked up
January 21, 2022 GMTPORTLAND, Maine (AP) — Maine home prices increased by more than a sixth in 2021 while the volume of sales also increased slightly.
Single-family existing homes rose to a median sales price of $299,000 last year, the Maine Association of Realtors said Thursday.
Record year for homes sales on Oahu, median price over $1M
January 7, 2022 GMTHONOLULU (AP) — The median sale price for a single-family home on Oahu was over $1 million during the second half of 2021, a record high for Hawaii's most populous island.
In December, the median price was $1,060,000, a 22% increase compared to 2020, Hawaii Public Radio reported.
Chinese developer asking bondholders to postpone repayment
January 5, 2022 GMTBEIJING (AP) — A troubled Chinese real estate developer with $310 billion of debt is asking investors in one of its bonds to postpone when they will be repaid.
Evergrande Group will conduct a three-day online vote starting Friday for holders of the 4.5 billion yuan ($700 million) bond, according to an announcement made through the Shenzhen Stock Exchange in southern China.
Maine real estate market expected to slow but not stall
January 2, 2022 GMTBANGOR, Maine (AP) — Rising mortgage rates that are anticipated when the Federal Reserve tightens credit in the new year is expected to slow but not stall Maine's red hot real estate market.
Home prices will keep rising but not as fast as this year despite inflation and higher lending rates, experts say.
China tries to reassure on Evergrande as default fears rise
December 6, 2021 GMTBEIJING (AP) — China’s central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled real estate developer’s $310 billion mountain of debt collapses.
Housing market trends fuel single-family home rental growth
November 24, 2021 GMTLOS ANGELES (AP) — Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream.
North Carolina developer sentenced to prison in Ponzi scheme
November 16, 2021 GMTRALEIGH, N.C. (AP) — A North Carolina real estate developer has pleaded guilty to his role in a scheme that defrauded investors of more than $1.5 million. federal prosecutors said.
The U.S. Attorney's Office for the Eastern District of North Carolina says in a news release that Joshua Matthew Houchins, 36, was sentenced to 10 years in federal prison on Monday for wire fraud and possession of firearm by a felon.
LEX Makes History With First Real Estate IPO Accessible To All US Investors
November 8, 2021 GMTSoaring home prices juice average US homeowner equity growth
September 30, 2021 GMTLOS ANGELES (AP) — Soaring home prices have pushed up average homeowner equity growth to the highest level in more than a decade, though recent signs of a cooling U.S. housing market point to more moderate gains in the second half of the year.
Chinese banks try to calm fears about developer’s debts
September 24, 2021 GMTBEIJING (AP) — Trying to dispel investor fears, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt and say they can cope with a potential default.
In a hot market, companies compete with would-be homeowners
September 9, 2021 GMTLOS ANGELES (AP) — Soaring home prices and rents are fueling real estate companies’ appetite for houses, adding unwelcome competition for many would-be homebuyers.
Residential real estate bought by companies or institutions hit an all-time high of 67,943 properties in the second quarter, according to Redfin, a Seattle-based online brokerage.
Waikiki resort mandates vaccination for workers, guests
September 8, 2021 GMTHONOLULU (AP) — A resort in the famed tourist mecca of Waikiki will be the first in Hawaii to require proof of COVID-19 vaccination for all employees and guests.
Starting Oct. 15, ’Alohilani Resort will require its employees, patrons and guests to show proof they're fully vaccinated.
White House details plans to improve housing affordability
September 1, 2021 GMTWASHINGTON (AP) — White House officials are outlining plans to build and restore more than 2 million homes, a response to the volcanic rise in housing prices over the past year.
California men plead guilty in Florida to $1.3B fraud scam
July 13, 2021 GMTMIAMI (AP) — Two more California men have pleaded guilty in South Florida for their roles in a $1.3 billion real estate fraud scheme that stole money from thousands of investors nationwide.
Dane Roseman, 38, and Ivan Acevedo, 44, both of Los Angeles, pleaded guilty Monday in Miami federal court to participating in a massive investment fraud scheme, in which more than 7,000 victims suffered financial losses, according to court records.
Key part of US residency program for investors set to expire
June 30, 2021 GMTWASHINGTON (AP) — A program that has allowed wealthy foreign investors to obtain U.S. residency, and has long been the subject of complaints that it amounts to the wholesale selling of American citizenship, may be coming to a sputtering end.
US average mortgage rates decline; 30-year loan at 2.95%
May 27, 2021 GMTWASHINGTON (AP) — Mortgage rates declined this week, pushing the benchmark 30-year home loan back down below the 3% mark. Signs continued of the economy’s recovery from the pandemic recession.
Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year rate fell to 2.95% from 3% last week.
In a sizzling US market, demand and prices for homes soar
May 25, 2021 GMTWASHINGTON (AP) — America's housing market has grown so overheated as demand outpaces supply that prices keep hitting record highs — and roughly half of all U.S. houses are now selling above their list price.
LA real estate investors buy David Cassidy’s Florida home
January 13, 2021 GMTFORT LAUDERDALE, Fla. (AP) — A Los Angeles-based real estate investor has purchased the six-bedroom South Florida home that belonged to the late teen idol David Cassidy, and hopes to give it a fresh look on television...
Maine home sales continue to surge amid low inventory
December 26, 2020 GMTAUGUSTA, Maine (AP) — Maine home sales increased by more than 30% in November compared to the previous year as home prices continued to climb as well...
Stocks close higher in holiday shortened week
December 24, 2020 GMTNEW YORK (AP) — Stocks closed slightly higher on Christmas Eve, as investors went into the holiday weekend not bothered by President Donald Trump’s threat not to sign a major economic stimulus package approved by Congress this week...
US long-term mortgage rates hit new low; 30-year at 2.80%
October 22, 2020 GMTWASHINGTON (AP) — U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time this year...
S&P CoreLogic Case-Shiller: US home prices rise 3.5% in June
August 25, 2020 GMTWASHINGTON (AP) — U.S. home prices rose at a slightly slower pace in June, but the U.S. housing market continued to show resilience in the face of the coronvavirus pandemic...
US home prices increase 4% in April
June 30, 2020 GMTWASHINGTON (AP) — U.S. home prices gains accelerated in April even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values...
Real estate stocks surge as investors balance risk
October 31, 2019 GMTNEW YORK (AP) — In 2019, investors have relied on bricks and mortar to balance the riskier parts of their portfolios and get a good return...
California man pleads guilty in Florida to $1.3B fraud scam
August 8, 2019 GMTMIAMI (AP) — A California man pleaded guilty in Florida to orchestrating a $1.3 billion real estate fraud scheme that stole money from thousands of investors nationwide and agreed to forfeit valuable jewelry, wine and paintings by artists such as Picasso and Renoir...
US home sales fall 1.7% with prices high and supply low
July 23, 2019 GMTWASHINGTON (AP) — U.S. home sales tumbled 1.7% in June, with rising prices and a scarce supply locking out many Americans from ownership.
The National Association of Realtors said Tuesday that homes were sold last month at a seasonally adjusted annualized rate of 5.27 million units.
Rich father-in-law has helped, complicated O’Rourke’s career
July 6, 2019 GMTEL PASO, Texas (AP) — Beto O'Rourke was running for the El Paso City Council in 2005 when he asked to meet with the illustrious real estate investor William Sanders...
US home sales climbed 2.5% in May amid lower mortgage rates
June 21, 2019 GMTWASHINGTON (AP) — U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges...
Young homebuyers scramble as prices rise faster than incomes
May 25, 2019 GMTSALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock...